September 2013 Corporate Crime Update

The September 2013 edition of our Corporate Crime Update covers developments in relation to corruption, money laundering, fraud, sanctions and related matters across a number of jurisdictions.  For the full update on each jurisdiction, please click on the name of the country/region.  A brief overview of what is covered in each country's update is set out below. 

United Kingdom and Europe

• FCA fines bank for anti-money laundering failings
• The FCA’s financial crime priorities
• FCA mobile banking and payments thematic review
• Calculation of "criminal property": Court of Appeal orders confiscation of profit earned by company on corruptly obtained contract
• High Court finds SFO not barred from giving disclosure of third-party documents obtained under compulsory powers
• New SFO joint head of bribery and corruption
• David Green speech to Cambridge Symposium
• SFO brings first Bribery Act prosecution
• Olympus charged by SFO
• Lloyd's of London invests in City of London Insurance Fraud Enforcement Department
• Market abuse update

Europe

• Updated sanctions notices
• Recent sanctions developments: EU relaxes certain Syrian sanctions and amends measures relating to North Korea, Iran and Tunisia; US relaxes Myanmar sanctions

France

• Prisoners to be released following error by former Minister of Justice
• Cooperation between French and Swiss Police in corruption investigation

Spain

• The New Spanish Criminal Code clamps down on corruption

Middle East

• UAE central bank circular issued on anti-money laundering
• Amendments made to DFSA Rulebook

China, South East Asia & India

China

• Member of the Central Committee under scrutiny as target in series of graft investigations
• Former Security Tsar Zhou Yongkang investigated for corruption
• Two investigators arrested for selling personal information about Chinese citizens to corporate clients
• Petrochina's shares fall following corruption probe
• Guangdong's top China mobile executive sacked and detained for investigation
• Eli Lilly latest pharmaceutical company to face bribery allegations
• Bo Xilai Awaits verdict

Indonesia

• Head of Indonesia's oil and gas regulator arrested on allegations of bribery

Cambodia

• Cambodian police complete training on combatting financial crimes

Myanmar

• Myanmar passes first anti-corruption Bill

Vietnam

• Bribe-givers granted immunity in Vietnam
• Special teams established to monitor anti-corruption work

Philippines

• New draft bill seeks to include casinos in the coverage of the Anti-Money Laundering Act

Singapore

• General manager of manufacturing company convicted of corruption

Malaysia

• Preliminary talks on legislation making company directors liable for staff corruption

Taiwan

• Taipei City councillor Lai Su-Ju on trial for accepting bribes relating to Twin Towers

Pakistan

• Microsoft accused of authorising firm to pay for government official trip

Japan

• Japan's SESC seeks biggest ever fine against non-Japanese company

Australia

• ASIC announces renewed focus on insider trading

United States

• Trader guilty of fraud
• Review of World Bank sanctions system
• DOJ/ SEC continue investigation into Microsoft